Inox Green Mobilises Rs 333 Cr, From Anchor Investors

Inox Green Energy Services, a subsidiary of Inox Wind, has collected Rs 333 crore from anchor investors. The funds were raised a day before its initial share-sale that opened for public subscription on Friday. The issue will conclude on November 15. The company has decided to allocate 5.12 crore shares to anchor investors at Rs 65 apiece aggregating the transaction size to Rs 333 crore, according to a circular uploaded on the BSE website late night on Thursday.

Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Private Limited, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF are among the anchor investors. The Rs 740-crore initial public offering (IPO) of Inox Green comprises a fresh issue and an offer for sale of Rs 370 crore each.

The company has fixed a price band of Rs 61-65 per share for its IPO. Proceeds from the fresh issue will be used for payment of debt and general corporate purposes. Inox Green is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms. Shares of the company will be listed on the BSE and NSE.

(PTI)